Binance, one of the world’s largest cryptocurrency exchanges, is preparing to close customer accounts in four major European countries—France, Spain, Italy, and Poland—by December 31.

This decisive move comes after the platform failed to obtain a Markets in Crypto-Assets (MiCA) license, under the new EU regulatory and legal framework for licensing and overseeing cryptocurrency platforms and activities.

Current measures and account freezes
According to reports, deposits into these accounts have already been blocked, while withdrawals remain available so users can recover their assets before the final closure. Binance reportedly began notifying affected users of this decision and its implications last June.

Fees for inactive accounts
Starting November 29, fees will be charged on accounts that still hold residual balances that have not been liquidated or withdrawn. The fee will be 0.025% per month or 10 USDC, whichever is higher, putting additional pressure on users in the European Union to withdraw their funds before these deductions take effect or their accounts are fully closed at the end of the year.